ANNOUNCEMENT: EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS AT THE EXAMINATION CENTRES
FOR THE CHARTERED ACCOUNTANTS EXAMINATIONS SEP/NOV 2024.
It is proposed empanel members act as Observers for the forthcoming SEPTEMBER/NOVEMBER – 2024 Chartered Accountants xaminations scheduled under:
The Institute of Chartered Accountants of India (ICAI) has taken disciplinary action against 115 Chartered Accountants in 2024 for professional misconduct. The President of ICAI, CA. Ranjeet Kumar Agarwal, emphasized the institute’s commitment to enhancing regulatory oversight in the profession. During this year, 31 meetings of the Board of Disciplinary & Disciplinary Committee were held, leading to the consideration of 158 cases, conclusion of 41 hearings, and the imposition of 115 punishments. The details regarding these actions are available in the regulatory update page of the journal.
The Disciplinary Directorate of ICAI has the mandatory responsibility to investigate alleged lapses or irregularities committed by its members across the country. Professional misconduct, as defined by ICAI, encompasses any act or omission by a chartered accountant in connection with their professional duties that contravenes the established standards, guidelines, or ethical principles set by the institute.
Under the Chartered Accountants Act, 1949, Section 22 specifies that “professional or other misconduct” includes acts or omissions listed in any of the schedules, without limiting the powers conferred to inquire into the conduct of any ICAI member under any circumstances.
Read more: ICAI Takes Disciplinary Actions Against 7 CAs for Professional Misconduct
ICAI’s Expansion and Initiatives
The Central Council of the CA Institute has recently given the green light to a new policy on the Centre of Excellence (CoE), with the aim of promoting research, innovation, and learning in the accounting profession. This strategic move seeks to elevate ICAI’s global influence as a key contributor in the field.
During the council’s two-day meeting, plans were approved to establish nine additional COEs across India over the next three years. ICAI, which currently houses two CoEs in Hyderabad and Jaipur, now sets its sights on expanding its reach and impact.
Ranjeet Kumar Agarwal, President of ICAI, remarked, “The approval of our CoE policy document is a milestone decision to foster research, innovation, learning and will serve as a hub for disseminating knowledge to shape the future of our profession.
The policy document outlines the vision, mission, goals, objectives, governing structure, action plan, and monitoring benchmarks for ICAI: Centre of Excellence. It emphasizes efforts to facilitate research, teaching, learning, training, dialogues with stakeholders, and strategic planning to nurture talent, conduct advanced research, and share knowledge.
In addition to this significant development, the Central Council sanctioned the establishment of a new branch of the Central India Regional Council (CIRC) in Tonk District, Rajasthan, marking the 176th Branch in ICAI’s network. Furthermore, acknowledging the name change of Aurangabad to Chhatrapati Sambhajinagar by the Central Government, the Aurangabad Branch of Western India Regional Council (WIRC) has been renamed as Chhatrapati Sambhajinagar Branch.
Under the banner of “Viksit Bharat,” ICAI has committed to organizing a mega CA run on June 30, with the ambitious goal of propelling India towards developed status by 2047. This large-scale initiative is set to be the largest CA fraternity run, featuring participation from all 5 Regional Councils, 175 Branches, Chapters, Study Circles, and Foreign Chapters, uniting for the vision of a developed India.
ICAI issues May 2024 Guidelines for Continuing the Exhausted Exemptions – Making Exemption/s Permanent
1. Those candidates who have secured the Exemption from May 2022 Examination and onwards will have the option for continuing the said exemption immediately on exhaustion of the same.
For example: Candidates who had secured Exemption in May 2022 Exam, which was valid till November 2023 CA Exam, will get the option to continue their exemption on exhaustion of the said exemption after the declaration of November 2023 Results. Likewise, those candidates who have secured Exemption in November 2022 Exam, which is valid till May 2024 CA Exam, will get the option to continue their exemption on exhaustion of the said exemption after declaration of May 2024 Result and so on.
2. Exemption in any paper/s that has become exhausted upon declaration of the result of immediately succeeding third exam will be shown to the candidates as per dates given in the Important Dates area at https://www.icai.org/post/exam-may-june-2024. (11:00 am of 15th February 2024 to 23:59 pm of 09th March 2024)
3. The Candidate desirous of making the exhausted exemption permanent will have to apply for the same at https://pe.icaiexam.icai.org by using their SSP loginID and Password.
4. Candidates will get only ONE chance to make exemption permanent (ie; exemption secured in May 2022 and getting exhausted after conduct of November 2023 exam will be shown before the conduct of May 2024 exam as per specified dates and if not made permanent by the candidate during that period then that exemption will lapse forever)
5. If a candidate has exemption in two papers of the same group, for example, papers 1 and 2 of Group-I that are offered in this window, then, he/she has to apply either for making both exemptions (i.e.; paper-1 & paper-2 in Group-1) permanent or let both the exemption lapse. He/she cannot opt to continue exemption in one paper and let it lapse in the other paper.
6. Upon making an exemption Permanent for any group, the candidate will have to pass the relevant group with at least 50% marks in each of the remaining papers of that group. Refer regulation 37D(9) For Intermediate and 38D(8) For Final.
7. There will be no Correction Window or Window with Late Fee after the inputs are taken.
8. Candidates will have the option to surrender and re-appear in the exempted paper(s).
9. Candidates securing exemption in Paper-4 of Final in May 2022, Nov 2022, May 2023 or Nov 2023 exams will automatically get PERMANENT exemption from appearing in Self-Paced Module SET-A and need not apply.
10. Students securing exemption in Paper-5 of Final in May 2022, Nov 2022, May 2023 or Nov 2023 exams will get PERMANENT exemption from appearing in Self-Paced Module SET-B and need not apply.
11. If there is a Permanent Exemption (PE) in a group, then, no new exemption will be granted in that group.
12. If a candidate opts for continuing the exemption after exhausting the same, then the Exempted Marks will be limited to 50 and excess marks of the permanent exempted paper cannot be considered for complying with the 50% aggregate marks requirement of the same or other Group.
Candidates are made aware in the announcement dated 24-08-2023 about exemption rules under the transition from old to new scheme. (Please read here) The relevant mapping is given hereunder for ready reference
FINAL COURSE
INTERMEDIATE COURSE
For any clarification write to:
CA. Aniket S. Talati, President-ICAI sharing updates on recent Professional developments and a quick recap of the Landmark Achievements & Initiatives of the Council Year 2023-24
The Institute of Chartered Accountants of India has released the Revision Test Papers of Intermediate and Final for the May 2024 Examination. Students can download the papers from the following link: https://boslive.icai.org/education_content.php?p=Revision%20Test%20Papers
CA Final Registration May 2024 session is open at ICAI. You can sign up under the new scheme starting July 1, 2023. Get all the details you need for CA Final Registration for May 2024!
CA Final Registration: The Institute of Chartered Accountants of India (ICAI) is now accepting registrations for the CA Final exam in May 2024, starting from July 1, 2023, under their new scheme. If you plan to take the exam, make sure to complete your registration by January 1, 2024. CA Final 2024 application cost is Rs 22,000. While ICAI allows registration throughout the year, it’s crucial to meet the cutoff dates.
Ensure you meet the CA Final eligibility criteria before applying. For more details on CA Final Registration for May 2024, don’t miss the deadline and check the official website.
Check the below table for a quick overview of the CA Final Registration for May 2024:
| ICAI CA Final Registration 2024: Overview | |
| Particulars | Details |
| Full Exam Name | CA Final Exam |
| Conducting Body | The Institute of Chartered Accountants of India |
| Frequency of Conduct | 2 times a year |
| Exam Level | National Level Exam |
| Languages | English |
| Mode of Application | Online |
| Mode of Exam | Offline |
| Exam Duration | 3 Hours |
| Official Website | icai.org |
If you’re planning to take the CA Final exam in 2024, it’s essential to be aware of the important dates. The exam is held twice a year, either in May/June or November/December.
Refer to the table below for key dates, and any changes will be communicated here. Stay updated on the schedule to ensure you don’t miss any crucial events in the CA Final registration process for May 2024.
| ICAI CA Final Registration 2024: Important Dates | |
| Events | Dates |
| Registration Window | July 1 – December 31, 2023 (Registrations Open) |
| Exam Form Availability | Will Be Notified |
| Exam Form Closes | Will Be Notified |
| Exam date | May 2024 (Dates will be Notified Later) |
Before you start filling out the CA Final application for May 2024, ensure you have the following documents ready:
Make sure to scan these documents to facilitate a smooth CA Final Registration process.
To register for ICAI CA Final May 2024, follow these simple steps on the Student Service Portal (SSP):
Step 1: Visit ICAI’s official website at icai.org.
Step 2: Select “Student Services” from the dropdown menu after clicking on the “e-services” menu.
Step 3: Scroll down and select the “Self-Service Portal” to proceed.
Step 4: Log in using your user ID and password. If you don’t have an account, click on the provided link.
Step 5: Navigate to the “Final” tab to access the CA Final 2024 registration form.
Step 6: Fill in your general details such as name, address, marital status, and study medium.
Step 7: Follow ICAI’s guidelines and upload scanned copies of necessary documents. The document list is provided below the form.
Step 8: Complete the registration process by making the payment.
Step 9: Download the payment receipt for your reference.
By following these steps, you can register seamlessly for CA Final May 2024 without the need to visit ICAI’s branch or physically submit documents.
Check the below table for complete details on the CA Final Registration Fees for Nov 2024:
| ICAI CA Final Registration 2024: Fees | |
| Details | Fees |
| Final Registration Fees (INR) | Rs. 22000 |
| Final Registration Fee (USD) | $ 1100 |
Note: If you’re a student from newly formed Union Territories such as Jammu, Kashmir, Ladakh, and North-East states, your CA Final Registration fee for May 2024 is reduced to Rs. 5500. Ensure you take advantage of this special rate by following the standard registration steps mentioned earlier.
According to ICAI’s rules, CA Final exam results are valid for five years. After this period, you need to extend your registration. Here’s how:
Once revalidation is complete, you can participate in the CA Final exam for the respective session by specifying the revalidation date in your exam form. This process ensures your eligibility beyond the initial five-year period.
Check here for the CA Final Registration 2024 Cutoff Dates:
| ICAI CA Final Registration 2024: Cutoff Dates | |
| Sessions | Cut-off Dates |
| May Session Examination | January 1, 2024 |
| November Session Examination | July 1, 2024 |
Therefore, registering for the CA Final in May 2024 demands careful attention to deadlines and procedures. Following these steps diligently sets the foundation for a seamless registration process, ensuring you are well-prepared for the upcoming exams.
Furthermore, for top-notch coaching in the CA Final and other CA exams, PhysicsWallah (PW) stands as a leading institution. PW’s commitment to excellence and quality education makes it a preferred choice, offering students the guidance and expertise needed for success in the demanding field of Chartered Accountancy.
The Institute of Chartered Accountants (CA) of India, with the approval of the Central Government, vide notification no. No. 1-CA(7)/196/2021 dated 22.06.2021&Gazette Id No. CG-DL-E-23062021-227811, made amendment to the Chartered Accountants Regulations, 1988.
With effect from the date of their publication in the Official Gazette i.e. 22.06.2021.
1. Regulation 51revised which deals with Industrial Training Provisions:
An articled assistant who has passed the Intermediate (Professional Competence) Examination or ProfessionalEducation (Examination-II) or Intermediate examination and has completed a minimum of 18 monthsof practical training according to these regulation.
(a) An articled assistant may, serve as an industrial trainee for a period (n nine months to eighteen months) in theoffices of the Central or State Governments, Central statutory and judicial authorities, regulatory bodies,banking companies and such other departments of Central or State Governments, Institution or Organizationas may be decided by the Council from time to time; or
(b) in any of the financial, commercial, industrial undertakings with minimum fixed assets or minimumtotal turnover or minimum paid-up share capital as may be approved by the Council from time to time.
2. Amendment in Reg. 54 (5): Secondment of articled assistants
| Previous Provision | New Provision (amended) |
| Where an articled assistant is seconded to a member inindustry, the total period spent in industry by the articled assistant,including the period of industrial training under these regulations, shall notexceed 1 year. | Where an articled assistant is seconded to a member inindustry, the total period spent in industry by the articled assistant,including the period of industrial training under these regulations, shall not exceed 18 months. |
3. Amendment in Reg. 58: Supplementary Articles
| Previous Provision | New Provision (amended) |
| (2) If the period of the excess leave taken is sought to beservedunder the principal with whom such articled assistant last servedhis articles, a supplementary deed of articles in the form*approved by theCouncil shall be executed in continuation of the previous articles. | (2) The periodof excess leave taken shall be servedunderthe principal with whom such articled assistant last served his articles and a supplementary deed of articles in the form*approved by theCouncil shall be executed in continuation of the previous articles. |
| (4) If the articled assistant chooses to serve under any othermember entitled to engage articled assistants under Regulation 43, theprovisions of Regulation 46 shall apply ‘mutatis mutandis’ except that nofee shall be charged for registration of articles under the said regulation. | Omitted |
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Company Secretary having 6+ years of post qualification experience in the Compliance Management Services industry by serving Corporates including Listed Companies, Corporate Secretarial Firms and LLP. He has contributed in ICAI, ICSI and MCCI and other various Newsletters. He is also a speaker at various platforms including seminars / webinars.CS LALIT RAJPUT
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Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
